Digital financial services platform MobiKwik has rolled out an insurance service on a digital platform. Buying insurance policies is now extremely simplified and a MobiKwik user can buy insurance in less than 10 seconds. The user will be able to choose and purchase from a range of life insurance and general insurance products. In the first phase, the platform will offer accidental insurance and for this it will be partnering with leading insurance companies. Buying insurance will be a paperless, 2-step process and issuance of the policy will be instant. Users can purchase insurance either via the app or the MobiKwik website. Upasana Taku, co-founder and director, MobiKwik said the insurance penetration in India is close to 3% of the GDP and there is a huge potential ready to be tapped, more so with the exponential increase in the adoption of smartphones and penetration of the internet. This presents a vast opportunity for digital Insurance to the mass market which has been ignored by banks, distributors and even online companies in web comparison owing to either high distribution cost or low penetration of computers in the country, she added.
